Gates Industrial (NYSE:GTES) Stock Gets Price Target Reduction from DA Davidson

Gates Industrial (NYSE:GTES) had its target price trimmed by DA Davidson from $29.00 to $27.00 in a research note released on Monday morning,Benzinga reports. The firm currently has a neutral rating on the stock.

Other analysts have also recently issued reports about the stock. Wall Street Zen cut shares of Gates Industrial from a “strong-buy” rating to a “buy” rating in a research note on Saturday, October 10th. Wolfe Research reissued an “outperform” rating and issued a $33.00 price target on shares of Gates Industrial in a report on Thursday, July 9th. JPMorgan Chase & Co. boosted their price target on shares of Gates Industrial from $32.00 to $34.00 and gave the company an “overweight” rating in a research report on Monday, August 3rd. Weiss Ratings lowered shares of Gates Industrial from a “buy (b)” rating to a “buy (b-)” rating in a research report on Friday, October 23rd. Finally, Royal Bank Of Canada upped their price target on shares of Gates Industrial from $33.00 to $34.00 and gave the stock an “outperform” rating in a report on Monday, August 3rd. Nine investment analysts have rated the stock with a Buy rating and three have issued a Hold rating to the company’s stock. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average target price of $32.18.

Gates Industrial Trading Down 0.5%

Shares of Gates Industrial stock opened at $24.43 on Monday. Gates Industrial has a 12-month low of $20.88 and a 12-month high of $30.34. The company has a market cap of $6.14 billion, a price-to-earnings ratio of 16.97 and a beta of 1.33. The company has a current ratio of 3.41, a quick ratio of 2.40 and a debt-to-equity ratio of 0.57. The company’s 50-day moving average price is $25.95 and its 200-day moving average price is $25.78.

Gates Industrial (NYSE:GTES) last released its quarterly earnings data on Friday, October 30th. The company reported $0.47 EPS for the quarter, beating analysts’ consensus estimates of $0.44 by $0.03. The company had revenue of $903.60 million during the quarter, compared to analyst estimates of $904.77 million. Gates Industrial had a net margin of 10.37% and a return on equity of 10.42%. Gates Industrial’s revenue was up 5.6% compared to the same quarter last year. During the same period last year, the business earned $0.39 earnings per share. On average, equities analysts expect that Gates Industrial will post 1.59 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Gates Industrial

A number of hedge funds and other institutional investors have recently modified their holdings of GTES. Squarepoint Ops LLC bought a new stake in shares of Gates Industrial in the 2nd quarter worth approximately $1,750,000. VIRGINIA RETIREMENT SYSTEMS ET Al bought a new position in shares of Gates Industrial during the 2nd quarter valued at $1,133,000. California State Teachers Retirement System grew its holdings in shares of Gates Industrial by 24.2% during the 1st quarter. California State Teachers Retirement System now owns 303,123 shares of the company’s stock valued at $6,854,000 after purchasing an additional 58,990 shares during the last quarter. Renaissance Technologies LLC grew its holdings in shares of Gates Industrial by 20.2% during the 1st quarter. Renaissance Technologies LLC now owns 365,100 shares of the company’s stock valued at $8,255,000 after purchasing an additional 61,400 shares during the last quarter. Finally, Public Employees Retirement System of Ohio purchased a new position in Gates Industrial in the 2nd quarter worth $2,166,000. 98.50% of the stock is currently owned by hedge funds and other institutional investors.

About Gates Industrial

Gates Industrial Corporation plc (NYSE: GTES) is a manufacturer of engineered power transmission and fluid power products. The company develops solutions designed to transfer power, control motion, and manage the flow of fluids in industrial and mobile applications.

Its product portfolio includes synchronous and V-belts, belt drives, hoses, hydraulic assemblies, couplings, tensioners, pulleys, and related components. Gates serves original equipment manufacturers, distributors, and aftermarket customers across industries such as automotive, agriculture, construction, energy, manufacturing, and general industrial equipment.

The company traces its roots to the Gates Rubber Company, founded in 1911 in Denver, Colorado.